goeasy Beneish M-Score Historical Data
The historical data trend for goeasy's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
goeasy Beneish M-Score Chart
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goeasy Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-1.82 |
-0.80 |
-0.89 |
-1.11 |
-1.22 |
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goeasy Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-1.11 |
-1.12 |
-1.07 |
-1.08 |
-1.22 |
Competitive Comparison of goeasy's Beneish M-Score
For the Credit Services subindustry, goeasy's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
goeasy's Beneish M-Score Distribution in the Credit Services Industry
For the Credit Services industry and Financial Services sector, goeasy's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where goeasy's Beneish M-Score falls into.
goeasy Beneish M-Score Calculation
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of goeasy for today is based on a combination of the following eight different indices:
| M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
| = | -4.84 | + | 0.92 * 1.0368 | + | 0.528 * 0.9886 | + | 0.404 * 0.8615 | + | 0.892 * 1.2186 | + | 0.115 * 0.9625 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8833 | + | 4.679 * 0.234321 | - | 0.327 * 1.0452 |
| = | -1.22 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
| This Year (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was C$4,331 Mil.
Revenue was 405.185 + 383.195 + 377.795 + 357.114 = C$1,523 Mil.
Gross Profit was 273.687 + 271.532 + 260.257 + 244.181 = C$1,050 Mil.
Total Current Assets was C$4,592 Mil.
Total Assets was C$5,195 Mil.
Property, Plant and Equipment(Net PPE) was C$130 Mil.
Depreciation, Depletion and Amortization(DDA) was C$84 Mil.
Selling, General, & Admin. Expense(SGA) was C$105 Mil.
Total Current Liabilities was C$276 Mil.
Long-Term Debt & Capital Lease Obligation was C$3,692 Mil.
Net Income was 73.825 + 84.94 + 65.401 + 58.944 = C$283 Mil.
Non Operating Income was -122.873 + -116.927 + -115.239 + -109.593 = C$-465 Mil.
Cash Flow from Operations was -17.585 + -129.134 + -192.992 + -129.735 = C$-469 Mil.
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Total Receivables was C$3,428 Mil.
Revenue was 338.112 + 321.732 + 302.928 + 287.297 = C$1,250 Mil.
Gross Profit was 226.113 + 223.529 + 207.465 + 194.478 = C$852 Mil.
Total Current Assets was C$3,582 Mil.
Total Assets was C$4,164 Mil.
Property, Plant and Equipment(Net PPE) was C$143 Mil.
Depreciation, Depletion and Amortization(DDA) was C$86 Mil.
Selling, General, & Admin. Expense(SGA) was C$98 Mil.
Total Current Liabilities was C$153 Mil.
Long-Term Debt & Capital Lease Obligation was C$2,890 Mil.
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1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
| DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
| = | (4331.086 / 1523.289) | / | (3428.008 / 1250.069) |
| = | 2.843246 | / | 2.742255 |
| | = | 1.0368 |
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
| GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
| = | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) |
| = | (851.585 / 1250.069) | / | (1049.657 / 1523.289) |
| = | 0.68123 | / | 0.689073 |
| | = | 0.9886 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
| AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
| = | (1 - (4591.955 + 130.201) / 5194.536) | / | (1 - (3582.047 + 142.556) / 4164.167) |
| = | 0.090938 | / | 0.105559 |
| | = | 0.8615 |
4. SGI = Sales Growth Index
Ratio of Revenue in year t to sales in year t-1.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
| SGI | = | Sales_t | / | Sales_t-1 |
| = | Revenue_t | / | Revenue_t-1 |
| = | 1523.289 | / | 1250.069 |
| | = | 1.2186 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
| DEPI | = | (Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) | / | (Depreciation_t / (Depreciaton_t + PPE_t)) |
| = | (86.331 / (86.331 + 142.556)) | / | (83.895 / (83.895 + 130.201)) |
| = | 0.377177 | / | 0.391857 |
| | = | 0.9625 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
| SGAI | = | (SGA_t / Sales_t) | / | (SGA_t-1 /Sales_t-1) |
| = | (105.233 / 1523.289) | / | (97.765 / 1250.069) |
| = | 0.069083 | / | 0.078208 |
| | = | 0.8833 |
7. LVGI = Leverage Index
The ratio of total debt to Total Assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase in leverage
| LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
| = | ((3691.967 + 275.856) / 5194.536) | / | ((2890.474 + 152.9) / 4164.167) |
| = | 0.763846 | / | 0.730848 |
| | = | 1.0452 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
| TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (283.11 - -464.632 | - | -469.446) | / | 5194.536 |
| | = | 0.234321 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
goeasy has a M-score of -1.22 signals that the company is likely to be a manipulator.
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